REG - Cordel Group PLC - New USA Major Contract Announcement

CordelAnnouncement

15/03/2023 07:00

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RNS Number : 9796S  Cordel Group PLC  15 March 2023

15 March 2023

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

 

New USA Major Contract Announcement

 

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, announces it has been awarded a contract by
Amtrak to supply a fully automated software suite for survey and clearance
management.

 

Amtrak is the main provider of intercity passenger rail service in the United
States, with a 21,000 mile network that connects 46 states, the District of
Columbia, and three Canadian Provinces.

 

The new contract is valued at over US$6.7million, with an 18-month
configuration and reporting phase followed by a 5-year software-as-a-service
phase. Cordel will deliver an automated clearance system that leverages
Artificial Intelligence ("AI") and automated LiDAR data capture (laser
scanning), working with its UK clearance assessment partner, DGauge Ltd, to
manage and optimise the clearance data.

 

Nick Wayne, VP Americas, Cordel, said: "Cordel is a world leader in automated
clearance management solutions. Clearance programs ensure safe transit of
trains, they protect infrastructure from damage, and they assure the safety of
railway passengers.  We have a proven record in utilizing third party LiDAR
point clouds as well as LiDAR and video data captured by our own
in-house-developed hardware. Our web-based AI solutions are continuously
delivering and updating, enabling railroads to optimize infrastructure
inspection and maintenance."

 

Rich Scheiring, Director, Inspection and Testing, Amtrak, said: "The Cordel
solution will uplift Amtrak to the latest best practices in survey handling
and clearance technology, enabling our clearance team to confidently move
vehicles in the face of historic levels of investment and changes to our
network infrastructure. The system also supports the assessment of new
vehicles being introduced to the Amtrak network, as well as aid with track
design decisions, construction planning, and moving high and wide loads across
the network."

Ian Buddery, Chairman, Cordel, said: "This contract validates our investment
in the US Railroad market and its recognition of our advanced capabilities.
Running on almost 140,000 route miles, the U.S. rail network is widely
considered the largest, safest, and most cost-efficient freight system in the
world*.  We will continue to invest and expand in the US, reaching out to
operators as demand for our advanced technology grows."

 

*  https://railroads.dot.gov/rail-network-development/freight-rail-overview
(https://railroads.dot.gov/rail-network-development/freight-rail-overview)

Enquiries:

 Cordel Group PLC                            c/o Zeus Capital

 Ian Buddery, Chairman

 John Davis, Interim CEO
 Zeus Capital Limited Broker                 +44 (0)20 3829 5000

 Simon Johnson / Alexandra Campbell-Harris
 Strand Hanson Limited Nominated Advisor     +44 (0)20 7409 3494

 Richard Johnson / James Bellman

 

 

About Cordel

Cordel offers a patented cloud-based platform for master data management and
business analytics, together with specialist hardware and software for
capturing, analysing and reporting on large datasets within the transport
sector, employing sophisticated artificial intelligence algorithms.

Further information on the Company is available at: www.cordel.ai
(http://www.cordel.ai)

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

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